Multi-coin Wallet Provider Holytransaction Shuts Down

Holytransaction S.A., a Luxembourg-based universal digital currency wallet provider with an integrated exchange, instructed all of its clients to withdraw available balances as the company will be ceasing operations by the end of this month.

The firm was launched in 2014 by Andrey Zamovskiy, Francesco Simonetti and Nickolay Babenko with a $25,000 seed funding round. The service was aimed at non-technical consumers, who were looking to dabble in digital currencies but did not want to deal with the intricacies maintaining multiple wallets for different digital assets.

The Holytransaction multi-currency wallet supported Bitcoin, Litecoin, Peercoin, Dogecoin, Dash, Blackcoin, Tether, Omni and science-oriented virtual currency Gridcoin, which was added on September 23, 2015. However, some members reported problems with the service and lack of communication and customer support.

In today’s statement, Holytransaction cites lack of additional investment in the company as one of the principals reasons for the closure:
“We’ve got some investments to keep development of the service. So far our investments are finished and we neither have any significant income neither new round of investments to keep this service running.“

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  1. Seems like there is a long trend going on with Cryptocurrency wallet companies just shutting down randomly while giving people only a short time to make a withdrawal.

    Just recently the company called Coin Wallet (featured Multi-coin Wallet deposits and withdrawals) shut down and gave a notice to make a withdrawal before May 1, 2016.

    Since people have to make a withdrawal before the end of September 2016 you could see how similar the situation is.

    Conclusion: Since BTC wallets that are on websites aren't reliable, use a real wallet like Electrum so you could actually have BTC to use later...You know what I mean?

    BTC address: 1LUf97q5fo2A5dajPre9MxYdKG1fDP7hzx

  2. It's disappointing to see Holytransaction closing it's doors, however I'm not sure they were targeting a good segment of the market. I would have expected that newcomers to cryptocurrency would essentially want to start with Bitcoin due to it being the most prominent and well known cryptocurrency. By the time people want to start looking at alternate coins like litecoin, Dogecoin or Dash they are likely to have a reasonable grasp on how wallets work and aren't going to be too phased by having a few different wallets.
    Regardless, Holytransaction must have made cryptocurrency more accessible for some people at least. As such, they have positively contributed to the adoption of the technology and for that they should be applauded.


  3. For a wallet provider, especially in the cryptocurrency market, which is a new one, should be by the side of the customers. As the article says, there were not suffucient customer support, so it was sure that it was going to close.